The major indices ticked higher this morning and were on track to wrap up robust June and first quarter performances and a banner first half of 2023. Over the past several months, market participants wary of missing a potential new bull market have poured into popular growth stocks, resulting in a 30% increase for the Nasdaq Composite and the best first-half performance in four decades. Following the Nasdaq’s impressive winning streak, many investors are looking for growth stocks that still have room to run.
Today’s trade alert highlights an unexpected, one-of-a-kind growth stock that the experts see posting double-digit gains over the coming months.
NextEra Energy Inc. (NEE)
Most stocks from the utility sector are slow-growing income plays. As such, an electric utility stock wouldn’t typically be considered a growth stock. However, Wall Street expects NextEra Energy to grow its earnings by an annual average of around 9% over the next five years. This comes on the heels of averaging more than 8% adjusted earnings growth since 2007. NextEra Energy is a growth stock within the utility sector for all intents and purposes.
The biggest differentiator that has helped NextEra achieve this stellar growth rate is its focus on renewable energy. NextEra is currently generating 31 gigawatts (GW) of capacity from renewable energy sources, including 23 GW from wind and 5 GW from solar – which has helped substantially lower electricity generation costs for the company and its customers. NextEra Energy pays an annual dividend of 2.55% and is currently trading at its lowest 12-month forward price-to-earnings ratio in five years, which makes it a superior growth opportunity right now. Overall, NEE gets a Strong Buy rating from the consensus based on 19 recent reviews, including 15 Buys and 4 Holds. An average price target of $91 represents a 25% upside.
US Dollar Replaced By “Biden Bucks”?
A former advisor to the CIA and Pentagon now believes President Biden plans to retire the US dollar we know.
And replace it with what he calls “Biden Bucks”. It is underway.
On March 9, Biden signed Executive Order 14067, which could pave the way for Biden Bucks.
[Click to see how to save your investment and retirement accounts >>>]